Legal & Compliance Operational Risk Manager (UAE National)

Job description / Role

Job Description:
The L&C Operational Risk Manager is responsible for assisting the Country Legal and Compliance (L&C) team install the new Operational Risk Framework (ORF) and be responsible for conducting the first line testing for processes owned by L&C and facilitate the Country L&C team to fulfill their role is Risk Controls Owner (RCO).

Key Roles & Responsibilities
1) Assist the country L&C team to install the new ORF:

For each of the identified processes where L&C is the Risk Control Owner (RCO):
i. Identify and agree with the country process owner and Operational Risk, if there are any additional PFs or additional causes that are applicable to the country taking account of local market practices, or country specific laws and regulations.
ii. Validate with the country process owner and Operational Risk whether the controls and control indicators communicated by group are applicable and sufficient to mitigate any additional causes identified and confirm this with the group RCO.
iii. If there are additional causes specific to the country that require control:
iv. For country specific causes identified, set necessary control standards in order to achieve the banks stated residual risk tolerance (currently the bank strives to achieve a low level of residual risk using the group materiality scale, or to formally accept residual risks above low at the appropriate governance committee for an agreed period of time in order to allow treatment plans to reduce the risk back to low.) These must be communicated and confirmed with the group RCO.
v. Ensure the country process owner and those functions charged with implementation of the controls understand the control standard and how it achieves the desired residual risk level.
vi. The country process owner will conduct a Control Design Assessment (CDA) and present the results to the country RCO and Operational Risk. The country RCO and Operational Risk must validate through discussion and challenge that it meets the control standard set and therefore the desired residual risk level. This must be confirmed with the group RCO
vii. As a result of the CDA, if necessary upgraded control indicators that will measure more accurately control effectiveness relative to the standard. It should be noted that many control indicators may already be in existence.

2) Conduct the 1st line testing for processes owned by L&C:

Where L&C is a process owner, complete the requires to provide the control indicators including:
i. Conducting Control Sample Testings(CSTs)
ii. Obtaining the data for Key Control Indicators (KCIs)

3) Assist the country L&C team to fulfil the role of RCO:

On a monthly basis, assist the team to fulfil their role as RCO:
i. Conduct monitoring by reviewing the control indicators (CSTs and KCIs) for indication that the controls for which they are the RCO are operating within the standard they set.
ii. Where the metrics indicate controls are operating within the standard set, no further action is required.
iii. Where the metrics indicate that controls are not operating within the standard set, the RCO must determine the nature of the exception with the process owner and Operational Risk, ensure a remediation plan is determined to bring the control back to the agreed standard and ensure that the issue is escalated to the group RCO.
iv. Review the rationale for the residual risk proposed by the process owner and makes a risk decision to agree the rating or override this and escalate the residual risk level, if above low on the group materiality scale, to the group RCO.
v. Where the residual risk is above low, the RCO must ensure a remedial action plan is in place and validate that this action plan will return the control to operating within the agreed standard.

On an ongoing basis, but at a minimum during the monthly review cycle external events should be considered to determine if any upgrades to the process and control environments are required at the country level.
vi. Determine if there are any new PFs or causes brought about by any country laws or regulations or by changes in the processes and procedures or local business practices, and if there are, follow the steps in Phase 1: iii above. (This should be an ongoing activity triggered by other procedures such as the guidelines for implementing regulatory change)
vii. Use operational risk events to challenge and test the adequacy of existing PFs, causes, and controls by working with Operational Risk and the process owners.

Requirements

- Relevant operational risk or L&C experience
- Clear understanding of the Banks Operational Risk Framework or equivalent experience gained in other organizations
- Sound judgment with critical thinking skills and courage necessary to perform a control role and maintain effective working relationships
- Strong analytical skills, detail-focused with the ability to interpret large amounts of information
- Problem solving skills with ability to influence at all levels of the business
- Ability to work independently with minimum supervision

Closing Dates:
The closing date for applications is 03/12/2014. Please note all closing dates are given in Hong Kong time (GMT + 8 hours). We aim to respond to successful applicants within four weeks and will keep a record or your application in our database so that we can contact you when suitable vacancies arise in future.

Diversity & Inclusion:
Standard Chartered is committed to diversity and inclusion. We believe that a work environment which embraces diversity will enable us to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage. By building an inclusive culture, each employee can develop a sense of belonging, and have the opportunity to maximise their personal potential.

About the Company

Standard Chartered Bank started in 1958 in UAE with its first branch in Sharjah. The Group’s business gradually increased in Dubai with the opening of several branches and today, Dubai is the administrative hub of the Middle East and South Asia Region. In its 43rd year, the Bank enjoys the position of having the most extensive branch network among foreign international banks in UAE with 10 branches emirate-wide.

Standard Chartered is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. The three principal business groups are Global Markets, Personal Banking and Corporate and Institutional Banking.

In UAE, we are one of the leading banks, offering an extensive range of products and services for personal customers, local companies, multinational corporate and financial institutions.